Hong Kong should look beyond East and West, go to Middle East ‘if there is money to be made’, Hang Lung chief says
- If there is money to be made, there is no reason ‘not to go’ to the Middle East, the billionaire says after results briefing
- Hang Lung Properties says underlying net profit attributable to shareholders declined by 4 per cent for the year ended December 31
The city would “miss the boat” if it continues to just do what it has done for the past 20 to 50 years. “Globalisation is – for this round – coming to an end. Deglobalisation is happening,” he said.
“It won’t be a total decoupling. But nonetheless, there’ll be some decoupling. In which case, Hong Kong as an entrepot for the last hundreds of years, will have to re-examine our position in the global economy.
“But if one were to refuse to change, if one were to continue just to do what we used to do for the last 20 to 50 years, you may miss the boat. You may miss the opportunity. And, in fact, you may be left behind by the evolving events of the day.
05:03
Paul Chan woos Middle East companies to visit Hong Kong in 2023 to explore listing opportunities
Chan was speaking during a briefing on the Hong Kong developer’s annual results. Hang Lung’s underlying net profit attributable to shareholders declined by 4 per cent to HK$4.2 billion (US$535.71 million) for the year ended December 31, amid a higher net gearing ratio and net debt, according to its exchange filing on Tuesday. The board recommended a final dividend of 60 HK cents per share, same as the previous year.
